Bhilwara Energy

Name

Bhilwara Energy

Legal name

Bhilwara Energy Limited

Website

https://bhilwaraenergy.com

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

5,001–10,000 employees

Ownership category

akta.pro rank

Product category

Renewable Power Generation

NAICS

Hydroelectric Power Generation (221111), Wind Electric Power Generation (221115), Electric Power Generation, Transmission and Distribution (2211)

SIC

Electric Services (4911)

akta.pro primary industry

Pumped-Storage Hydroelectric Generation (EUACAEAC)

akta.pro secondary industry

Renewable Energy Asset Management (Solar/Wind/Hydro/Geothermal) (EUAEAMAB)

Keywords

• Hydroelectric power generation
• Wind power generation
• Renewable energy projects
• Energy storage solutions
• Power consultancy services

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Supply Chain, Personnel, Technology or R&D

Revenue model

1. Hydropower Generation: Generation and sale of electricity from hydroelectric power plants including Malana Hydropower Plant and Allain Duhangan Hydropower Plant in Himachal Pradesh.
2. Wind Power Generation: Generation and sale of electricity from wind power projects including the 14 MW project in Maharashtra.
3. Power Consultancy Services: Consultancy and advisory services provided to assist clients in energy-related decision making.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Bhilwara Energy Limited generates and sells electricity from a portfolio of hydroelectric and wind power assets with an operational capacity of 292 MW across multiple Indian states. The company also delivers energy storage solutions through its subsidiary REPLUS Engitech Private Limited and provides power-sector consultancy and advisory services through Indo Canadian Consultancy Services Limited. Long-term Power Purchase Agreements with utilities and industrial customers form the primary commercial channel for electricity sales.

Product overview

Bhilwara Energy Limited (BEL) operates as the flagship entity of the LNJ Bhilwara Group in the power sector. The company offers a diversified portfolio of renewable energy solutions centered around four core offerings: Hydro Power Generation, Wind Power Generation, Energy Storage Solution (through REPLUS Engitech), and Power Consultancy services. BEL functions as a principal holding company managing multiple subsidiary ventures including Malana Power Corporation Limited, AD Hydro Power Limited, REPLUS Engitech Private Limited, Indo Canadian Consultancy Services Limited, NJC Hydro Power Limited, Chango Yangthang Hydro Power Limited, and Balephi Jalbidhut Company Limited in Nepal. The company is expanding its hydropower portfolio through acquisitions including the 76 MW Phata Byung project in Uttarakhand and full ownership of Malana and Allain Duhangan hydropower plants in Himachal Pradesh.

Differentiator

Problem solved

Functional benefit

Products and services

• Hydro Power Generation Generation of electrical power through hydroelectric projects including run-of-river facilities and larger hydropower plants such as the Malana Hydropower Plant and Allain Duhangan Hydropower Plant in Himachal Pradesh. Power is sold to industrial, commercial, and utility customers under long-term Power Purchase Agreements.
• Wind Power Generation Generation and sale of electricity from a 14 MW wind power project located at Bhendwade, District Kohlapur, Maharashtra, supplied to industrial, commercial, and utility customers.
• Energy Storage Solutions Energy storage technologies developed and manufactured by REPLUS Engitech Private Limited, a DPIIT-approved technology-led manufacturing start-up and wholly-owned subsidiary of Bhilwara Energy Limited.
• Power Consultancy Services Consultancy and advisory services to assist clients in making energy-related decisions, delivered through subsidiary Indo Canadian Consultancy Services Limited.

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and supporting.

• HEG LtdcoreOthers · 20 January 2026Under the HEG demerger plan, the graphite business will be demerged into HEG Graphite Ltd with existing shareholders receiving shares on a one-to-one basis. Bhilwara Energy Limited will merge into HEG Ltd, increasing the outstanding share count by approximately 13.7 crore shares. The demerger is positioned to unlock value and is expected to complete by June-July 2026.
• Statkraft IH Holding AScoreOthers · 25 December 2025Bhilwara Energy signed an agreement to acquire 100% stake in Mandakini Jal Urja from Norway-based Statkraft IH Holding AS. Mandakini Jal Urja is developing the 76 MW Phata Byung run-of-river hydroelectric project in Rudraprayag district, Uttarakhand. The transaction strengthens Bhilwara Energy's hydropower portfolio and is subject to usual conditions and regulatory approvals.
• StatkraftcoreOthers · 9 September 2025LNJ Bhilwara acquired Statkraft's 49% stake in Malana Power, making Bhilwara Energy the sole owner of the Malana Hydropower Plant and Allain Duhangan Hydropower Plant in Himachal Pradesh. The deal aligns with Statkraft's strategy to divest from its India operations to focus on Europe and South America.
• Replus Engitech Private LimitedsupportingTechnology or IntegrationReplus Engitech Private Limited is a technology-led manufacturing start-up approved by GoI's DPIIT, operating as a subsidiary focused on energy storage solutions.

Scale indicators5 records

Recent moves7 records

Expansion highlights4 records

Broad incumbents

• Tata Power Renewables: Renewables arm of Tata Power with multi-GW solar, wind and hydro assets plus rooftop and storage offerings. Comparable customer base (industrial C&I plus utilities) and PPA model, but at substantially greater scale and brand strength.
• Adani Green Energy: India's largest renewable IPP with 10+ GW operational across solar, wind and hybrid. Competes for utility-scale renewable tenders and long-term PPAs but with vastly greater scale, balance sheet, and access to capital markets.
• JSW Energy: Diversified Indian IPP (thermal + renewables) with growing hydro, wind and solar portfolio. Competes for similar utility-scale renewable tenders and PPA-based off-take structures, but operates at materially larger scale.
• Torrent Power: Integrated private power utility with generation (thermal, gas, renewables), transmission and distribution in select Indian states. Overlapping generation and PPA-based model, but materially broader utility footprint.
• ReNew Power: Leading Indian wind and solar IPP with significant utility-scale and C&I renewable portfolios. Comparable industrial and utility off-take structure, but wind/solar focus rather than hydro.

Others

• Statkraft: Norway-based state-owned global hydropower IPP and recently the divestiture counterparty for BEL's Malana/Allain Duhangan and Mandakini Jal Urja acquisitions. Comparable run-of-river technology expertise and large-scale hydro operations.

Direct peers

• Greenko Group: India's largest pure-play renewable IPP with significant hydropower, wind and energy storage capacity. Directly comparable diversified renewable platform with overlapping storage optionality through its pumped-storage projects.
• NHPC Ltd: India's largest state-owned hydropower developer with ~7 GW+ operational capacity across run-of-river and reservoir projects in similar Himalayan geographies. Directly comparable on technology, customer base (state DISCOMs/PPAs), and regulatory regime.
• SJVN Ltd: Public-sector hydropower and renewable IPP with operations across Himachal Pradesh, Uttarakhand and other northern states, including run-of-river projects of comparable size. Same hydro technology stack, same PPA-driven business model, same North Indian regulatory environment.

Regional players

• Nepal Electricity Authority: State-owned vertically integrated utility of Nepal that is the dominant off-taker for new hydropower projects in the country, including BEL's Balephi Jalbidhut subsidiary. Directly relevant given BEL's Nepal operations and similar hydro technology mix.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries7 records

Funding overview

Funding rounds2 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bhilwara Energy